California Pollution Control Financing Authority: name change.

Assembly Member Solache proposes renaming the California Pollution Control Financing Authority to the Capital Programs and Climate Financing Authority, expanding its scope beyond traditional pollution control to encompass broader climate financing and economic development initiatives. The authority, which consists of the Director of Finance, State Treasurer, and State Controller, would maintain its role in issuing tax-exempt bonds while gaining new responsibilities for climate-focused programs.

The legislation establishes specialized financing mechanisms, including rate reduction bonds for local agencies and targeted loan programs supporting ADA compliance and seismic retrofitting for small businesses. These programs would cap individual loans at $50,000 for ADA modifications and $250,000 for seismic improvements, with the authority managing dedicated funds to support these initiatives.

The bill creates the California Employee Ownership Hub to facilitate business transitions to employee ownership models through education, technical assistance, and financing support. The hub would coordinate with state agencies, financial institutions, and labor organizations to reduce barriers and enhance opportunities for employee-owned businesses.

The authority would implement new confidentiality protocols for sensitive financial data while maintaining transparency through annual legislative reporting requirements. Local agencies utilizing rate reduction bonds must undergo authority review and meet specific criteria, including investment-grade ratings and competitive financing costs.